166: How TIAA is Transforming Retirement into Longevity

I sat down with Melora Zaner, the Chief Design Officer at TIAA, to discuss the often-overlooked value of incremental innovation and the transformative power of design in addressing pressing societal challenges like retirement.

Our conversation starts with an urgent issue that many are facing—the retirement crisis in America. We discuss the alarming statistics indicating that 40% of Americans are on track to run out of money in their retirement years. Melora offers an intriguing alternative by asking, "What if we shift our thinking from 'retirement planning' to 'longevity planning'?" This approach puts the focus on sustained income, healthcare provisions, and overall quality of life, rather than just a lump sum that may or may not last a lifetime.

Innovation doesn't have to be grandiose to be impactful, as Melora eloquently points out. The episode delves into the concept of 'breadcrumbing,' a term Melora uses to describe the art of celebrating small, incremental changes that lead toward a significant shift. These small steps, often overlooked in the constant quest for disruptive change, can offer customers stepping stones, helping them see a future where their needs and concerns are addressed.

We also discuss the importance of storytelling in the journey of innovation. How do you narrate a story that balances the celebration of small victories with the drive toward grand visions? The idea is to offer manageable steps, or breadcrumbs, to make the journey less daunting and more rewarding for both customers and organizations. These incremental changes shouldn't be underestimated; they often result in exponential gains over time, especially when they address specific customer pain points.

Finally, Melora shares insights into getting internal stakeholders on board with innovation. She emphasizes that incremental wins can build confidence internally and set the stage for bigger, more disruptive changes in the long run.

Tune into this episode of Innovation Storytellers Show to explore the power of incremental innovation and design-led thinking in transforming how we approach complex challenges, from the retirement crisis to customer engagement and internal alignment. Because sometimes, the biggest changes start with the smallest steps.

Don't miss this enlightening discussion, full of actionable insights and thought-provoking concepts that challenge the status quo.